Production declined to 282,000 barrels of oil equivalent per day from 312,000 barrels.

"It's been another steady-as-she-goes quarter. The results this quarter showed our continued focus on executing against all of the elements of our plan," Ghosh told the conference call.

Having refinery interests in the U.S. and Canada helped cushion Husky against swings in oil prices. While it makes less money producing the oil, it makes up for it with lower input costs at its refineries.

"Our focused integration strategy has once again proved its value in helping shield us from a volatile market and the high location discounts that we've been seeing in Canada," said Ghosh.

Husky, controlled by Hong Kong billionaire Li Ka-Shing, produces oil and gas in Western Canada, off Canada's east coast and in southeast Asia.

The first 60,000-barrel-per-day phase of its Sunrise oilsands project is under construction. The $2.5-billion project, part of a joint-venture with BP PLC, is slated to start up in 2014.

Work on its Liwan natural gas field in the South China Sea is also progressing, with a projected 2013 or 2014 startup.

Husky had contemplated spinning off its southeast Asian properties into a new publicly traded company, but ultimately decided in late 2010 to keep the high-growth assets in its portfolio.

Husky also has interests in BP-operated refineries in the United States, and a chain of Husky-branded fuel retail outlets in Canada.